Tips for Buying Land

There are plenty of properties available in this area of the state. Some already have pre-built homes ready for buyers to move in without a second thought, but a lot of buyers prefer to start from the ground up and build a new construction home. A new home allows the buyer to customize the space to meet their needs. If you’re interested building a home on a parcel of land, here are some tips for finding the ideal property.

Permanent Home or Vacation Residence

Prior Lake draws all kinds of buyers. While some people are interested in establishing permanent roots, others aren’t so keen on the cold, harsh winters and would prefer to call Prior Lake home during the warmer summer months. Seasonal residents may be better off purchasing land that is in an established neighborhood that offers lake amenities and smaller lots that are more manageable. Land in neighborhoods will often already come with sewer or septic hookups and other utilities so you don’t have to worry about adding in these costs when building your home.

Large Acreage Purchases

Minnesota is a state with wide expanses of uninhabited land. In some areas, your nearest neighbor may be 5 miles away. If you’re interested in purchasing acres of land, you’ll get privacy and peaceful lake access, but there are some things you’ll want to consider before signing on the dotted line.

Properties with a lot of acreage are often a blank canvas. When you’re ready to build your home, you may need to hire a company to clear the land before construction starts. You will also need to bring in your own utilities unless you plan to live off the grid. Considering the cold climate, most modern-day homebuyers aren’t interested in outhouses and homes without electricity. Therefore, you’ll need to do your research to find out how to get utilities to the residence.

Another problem homeowners with many acres often run into is trespassers. Remote areas are attractive to hunters, hikers, and other outdoor adventurers. It isn’t uncommon for ATV operators, snow mobiles, and other motorized vehicles to make tracks through private property, especially when there are picturesque views or other appealing elements to the property like lakes, streams, etc. You can try to curb this behavior by posting No Trespassing signs. It is also a good idea to work with local law enforcement and let them know that you have not given any private party permission to hunt or recreate on your land.

Making a Land Purchase

Whether you’ve decided to buy a small parcel of land or numerous acres, make sure you work with a real estate agent who is knowledgeable about these kinds of real estate transactions. Land transactions generally go through the same process as home purchases, but it is important that your real estate agent is familiar with the procedures.

Land purchases have different lending requirements. Traditional lenders do not always offer land loans. Before you begin your hunt for that perfect piece of land to build your dream home on, make sure you’re pre-approved for the correct kind of loan. The last thing you want is to find a beautiful parcel of land in Prior Lake, MN, only to have the deal fall through because you didn’t have the right type of financing.